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Author Topic: New Tax Plan as of 12/13/18  (Read 534 times)

Online DOUG

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New Tax Plan as of 12/13/18
« on: December 14, 2017, 10:56:59 AM »
On December 13, 2017, House and Senate leaders reconciled their two versions of the Tax Cuts and Jobs Act.

Among individuals, it would help higher income families the most. Everyone gets a tax cut in 2019. Neither plan helps the lowest-income families. That's because more than 70 million Americans don't make enough to pay taxes.
  • The combined bill cuts the corporate tax rate from 35 percent to 21 percent in 2018.
  • The top individual tax rate will drop to 37 percent. 
  • Both plans cut income tax rates, double the standard deduction, and eliminate personal exemptions.
  • Both tax plans eliminate most itemized deductions but the exceptions are charitable contributions, mortgage interest, property taxes, and retirement savings.
  • The combined bill allows taxpayers to deduct up to $10,000 in state and local taxes.
  • Both plans double the standard deduction for everyone.
  • Both plans eliminate personal exemptions.
  • Both plans double the estate tax exemption.



« Last Edit: December 14, 2017, 10:57:30 AM by Doug »

Online Krawler00

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Re: New Tax Plan as of 12/13/18
« Reply #1 on: December 14, 2017, 11:28:27 AM »
My small business is very excited for this. We have a total of 5 employees... will be great for the small businesses out there.
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Online Chris36l

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New Tax Plan as of 12/13/18
« Reply #2 on: December 14, 2017, 11:33:00 AM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


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« Last Edit: December 14, 2017, 11:33:35 AM by Chris36l »

Online clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #3 on: December 14, 2017, 12:07:18 PM »
I think I'll end up breaking even on regular income and annual bonus under the plan.  However, a component of another rolling long term bonus (they get awarded and paid annually once you get through a few years of awards) is discretionary free cash flow, which I'm pretty confident will be improved with a lower business tax burden.  Whether it'll impact me will depend on what the current and future nominal rate ends up being.

I think business tax should be zero, so I'm generally aligned with this tax plan, but I'm disturbed by three things:
1) the Republicans are trying to trick people into thinking this is a tax revolution for the middle class, when at best it's a minor restructuring for corporations with a temporary reduction in tax for middle class folks.
2) little popular support for the plan:  most people are aware the Republicans are not being honest, which is why it has so little support. 
3) it will absolutely add to the national debt.  Not a major concern for me, but you guys with kids should be concerned, since they will pay the price for it in the long run.

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Online BigMike

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New Tax Plan as of 12/13/18
« Reply #4 on: December 14, 2017, 12:30:49 PM »
Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.


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« Last Edit: December 14, 2017, 12:31:57 PM by BigMike »

Online clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #5 on: December 14, 2017, 12:54:30 PM »


Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.


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Oh Willis...what is your concern with a congressperson having a retirement plan?

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Online tcdawg

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Re: New Tax Plan as of 12/13/18
« Reply #6 on: December 14, 2017, 02:11:04 PM »


Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve

Term limits are an absolute need. 

Congressional pensions are the same as any other federal employee.   

Online DOUG

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Re: New Tax Plan as of 12/13/18
« Reply #7 on: December 14, 2017, 02:30:44 PM »


Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve

Term limits are an absolute need. 

Congressional pensions are the same as any other federal employee.
Pension the same I think but they do have other benefits

https://www.fool.com/investing/general/2013/10/20/10-perks-congress-has-that-you-dont.aspx

http://www.factcheck.org/2015/01/congressional-pensions-update/

Online clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #8 on: December 14, 2017, 02:50:07 PM »
Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.


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What specifically do you like about the Fair Tax?

I admit, it's been a while since I read the Fair Tax book (and it may have changed), but I was VERY disappointed with the kick-backs (something called pre-bates???) that were given to cover some minimum cost of living.  What in the hell is wrong with a pure consumption tax (National Sales Tax, zero business tax) with zero kick-backs?  Yeah, a bit regressive, but that should be incentive to make more money so just living isn't all you can afford to do; AND, the more you make, the more tax you pay as a part of living a great life.

I do like the Fair Tax better than this joke the Republicans are pushing through currently, so I wish they wouldn't have squandered this opportunity (once in a generation) to overhaul the federal revenue system.
Clark
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Online Big Dave

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Re: New Tax Plan as of 12/13/18
« Reply #9 on: December 14, 2017, 03:13:24 PM »
The states that have/had FT had a budget surplus. To me, that's a (H)UGE selling point.

Online Danny Kinder

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Re: New Tax Plan as of 12/13/18
« Reply #10 on: December 14, 2017, 04:18:39 PM »
One word, cryptocurrency
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Offline kvom

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Re: New Tax Plan as of 12/13/18
« Reply #11 on: December 14, 2017, 04:39:32 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
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